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Tech Mahindra dips on reports of stake sale

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Shares of Tech Mahindra dipped almost 4% in trade today, following reports that British Telecommunications is planning to sell part of its holding in IT service provider for $100 million.

 

"BT is selling Tech Mahindra shares in the price band of 735 rupees to 790 rupees each, the sources said, a discount of 5 to 12 percent from its Wednesday closing price of 834.90 rupees, " a Reuters report has said.

Shares of Tech Mahindra were trading at Rs 806 on the Bombay Stock Exchange.

Tech Mahindra is part of the US $15.4 billion Mahindra Group and is a leading global systems integrator and business transformation consulting organization, focused primarily on the telecommunications industry. Tech Mahindra expanded its IT portfolio in 2009 by acquiring the leading global business and information technology services company, Mahindra Satyam (earlier known as Satyam Computer Services).

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